The USD/CAD pair bounces back from intraday low of 1.3793 to near 1.3856 in Tuesday’s North American session.
USD/CAD rebounds from 1.3800 amid sharp recovery in the US Dollar. The Fed is expected to deliver a 50 bp rate cut in September. This week, investors will focus on the Canadian Employment data. The Loonie asset recovers as the US Dollar gains despite growing speculation that rate cuts from the Fed eral Reserve will be sizeable. An asset-specific action has been observed in global markets as United States equities have rebounded, while risk-sensitive currencies continue to face a sell-off.
As its largest trading partner, the health of the US economy is also a key factor influencing the Canadian Dollar. How do the decisions of the Bank of Canada impact the Canadian Dollar? The Bank of Canada has a significant influence on the Canadian Dollar by setting the level of interest rates that banks can lend to one another. This influences the level of interest rates for everyone. The main goal of the BoC is to maintain inflation at 1-3% by adjusting interest rates up or down.
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